Town holds $90k mortgage balance on Kimball Castle

GILFORD — The town of Gilford initially sold Kimball Castle with a 24-acre parcel of land for $116,000 in 1999.

Town Administrator Scott Dunn said yesterday that the town holds the mortgage and Dave Jodoin, the president of Kimball Castle Properties, LLC, owes $90,000 on the balance.

The castle was initially sold to Historic Inns of New England and Jodoin was one of the three owners. When the company folded, Jodoin formed a new company, Kimball Castle Properties, LLC and continued paying the mortgage.

Dunn said the terms of the mortgage were $1,500 a year for the first five years, $2,000 a year for the second five years, and $2,500 a year for the remainder of balance of which there have been two years of payments. It was a 40-year loan and all of the proceeds go into the Kimball Castle Trust which is overseen by selectmen, who are advised by the Kimball Castle Wildlife Committee.

At the public hearing last week regarding the future of the castle and its immediate environs, there were differing amounts recalled by some of those who spoke.

Selectmen are reviewing a proposal by Jodoin to change the terms of the charitable gift made by Charlotte Kimball so that he can tear down the castle and make some changes to the easements. If selectmen and Jodoin reach some kind of agreement, it must be sent to the Office of the Attorney General and be approved by the Belknap County Superior Court before anything can be changed.

Charlotte Kimball gave the land to the town for wildlife observation and education and it is a condition of the charitable trust.

The town's building inspector condemned the building and ordered that it be torn down or that a fence be erected that would prevent people from entering it.